Whats is the diffrent between virtual Account and internal account ?

Created by Wired Banking Africa, Modified on Thu, 17 Nov 2022 at 12:05 AM by Wired banking support team

What is Virtual Account?

Virtual accounts are unique account numbers assigned within traditional or  physical bank, which are also known as settlement accounts. They can be used to receive money on behalf of an individual or entity


How does virtual accounts work?

Virtual accounts function similarly to standard bank accounts. They have their own account numbers, streamline incoming transactions, and help customer  maintain their balances, What this means: the account number can Accept payment from anybank within it license region . 


How does internal accounts work?

internal account are random 10 digit number assign to a customer as an account number, this account number are simply identifier and cannot accept payment from any bank. 


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